Which of the following statements concerning the credit for child and dependent care expenses is not correct for 2022? A. If a taxpayer is a full-time student with no earned income, no credit for child and dependent care expenses can be claimed. B. A taxpayer is not allowed both a deduction as a medical expense and the credit for child and dependent care expenses on the same amount. C. A taxpayer is not allowed both an exclusion from income and the credit for child and dependent care expenses on the same amount. D. If a taxpayer’s adjusted gross income is over $43,000, the rate for the credit for child and dependent care expenses is 20%.

The following four Cases make different assumptions with respect to the amounts of income and deductions of Kirk Maddox for the current year. View the cases. Required For each Case, calculate Mr. Maddox's Net Income (Division B income). Indicate the amount and type of any loss carry overs that would be available at the end of the current year, or state that no carry overs are available. Case A. What is Mr. Maddox's Net Income (Division B income)? Case A. What is the amount and type of any loss carry overs that would be available at the end of the current year in this case, if any? (For entries with a $0 balance, make sure to enter "0" in the appropriate input field.) $ What is the amount of net capital loss carry overs? What is the amount of non-capital loss carry overs? 84,200

A taxpayer works for a single employer during the year (TY2018) and discovers that they withheld a total of $1,356 in VPDI. What is the amount of the credit that they can claim for this excess on their State return? (Look at the explanation as much as the answer)   $0 - They only had a single employer.   $0 - That is below the maximum amount and there is no excess.   $0 - VPDI has no upper limit, unlike SDI.   $206.33 - This is the excess over the $1,149.67 maximum.

Required information [The following information applies to the questions displayed below.] In 2021, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary and he does not have any for AGI deductions. What is his earned income credit in 2021 in the following alternative scenarios? Use Exhibit 8-11. (Round your intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) c. Zach is 29 years old and his AGI is $19,000. Earned income credit

Which of the following is a condition a taxpayer must meet to claim injuries spouse? The spouse: A. Didn't claim a refundable tax credit on the joint return. B. Is required to pay the past-due amount. C. Must file married filing separately. D. Received and reported income on a joint return.

The sole purpose of Social Security taxes is to provide retirement benefits to employees. True False   The Social Security wage base for 2019 is $132,900. True False   Taxable earnings for Social Security tax are always the same as taxable earnings for federal income tax withholding. True False   Collectively, Social Security tax and Medicare tax are referred to as FICA taxes. True False   The income threshold for Medicare tax indicates the income level above which no Medicare taxes are levied. True False   Employees are required to contribute toward the purchase of disability insurance in all 50 states. True False   The contribution limit for a SIMPLE IRA is lower than that for a 401(k) or 403(b). True False   ERISA is a set of regulations that dictate the manner in which a cafeteria plan may be administered. True False   Flexible spending accounts contain a use it or lose it feature that, although…

For purposes of the Child and Dependent Care Credit, all the following are qualified expenses except for which one? a. نن فم b. d. A $700 adult day care expense for a disabled spouse while the taxpayer workers. A $450 childcare expense while the taxpayer obtains emergency medical care. A $500 payment to a grandparent for childcare while the taxpayer is employed. A $350 payment to a day care center while the taxpayer is looking for employment.

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Which of the following statements are NOT correct? i. A registered taxpayer can claim input tax credit for items used for its exempt activities.  ii. A registered taxpayer can claim input tax credit for items used for zero-rated  activities.   iii. The VAT rate Exempt supplies  is 0%. iv. Zero-rated goods or services are taxable for VAT at 0%. Question 21Answer a. None of the above b. i, ii and iv c. i only d. i, and iii

Which of the following statements is incorrect? Assume that the rental activity is classified as ‘production-of-income.’ If the taxpayer sells the rental property later at a loss, the loss will be treated as a capital loss (i.e., $3,000/$1,500 deduction limit in the current year).  An amount that would have been paid in an arm’s-length transaction is considered a reasonable amount as deduction. Payment (except for medical or educational expense) of another person’s obligation does not result in a tax deduction for the payer. Regarding the start-up costs, if the new business is in the same line of business as the existing one and if the new business is not launched, then none of the start-up costs are deductible. Payments for a speeding ticket are nondeductible.  HELP